Bakers Waste Equipment was looking for good terms to finance its expansion into a new manufacturing facility.
First, the new site had to be large. BWE manufactures and delivers recycling and waste equipment – equipment that can be larger than a tractor-trailer. Second, the site needed to be centrally located. BWE was consolidating operations from three sites in Burke and Catawba Counties to one, and Ric wanted to be sure his existing employees would be able to continue to work at the new location.
Luckily, he found the perfect site in the small town of Lenoir, NC: a former Broyhill furniture plant that had been sitting unused for years. The building needed to be upfitted to make it work for BWE’s processes, but it had great bones, plus plenty of space for BWE to grow.
Local leaders in Lenoir were happy to have BWE considering the move, and worked with Ric to make it possible. But the site needed major and expensive renovations, and Ric couldn’t afford to tie up too much working capital in a major real estate project. Then he found his solution: an SBA 504 loan. Thanks to the low down payment requirement, Ric was able to use more of BWE’s cash to keep business running smoothly, even during the move.
Now, several years later, BWE is doing better than ever. Since the move, Ric has hired 50 new employees and business is booming.